Easy. I would have bought the 600 calls back I wrote way back when and locked in the profit. With option interest increasing and share price going higher, it takes more EO $ to sell AAPL back under the highest OI at $600.

Scenario 1: Up then down. A breakout over 620 would get capitulation from shorts and lure in longs buying higher strikes. I’d use that opportunity to buy back the puts I sold (BTC) while I sell calls (STO) to all the eager buyers, then I’d tank the stock back to 600. Rinse and repeat.

Scenario 2: Down then up. A breakdown below 597 would pop stops on the long side. See above in reverse.

Scenario 1: Up then down. A breakout over 620 would get capitulation from shorts and lure in longs buying higher strikes. I’d use that opportunity to buy back the puts I sold (BTC) while I sell calls (STO) to all the eager buyers, then I’d tank the stock back to 600. Rinse and repeat.

Scenario 2: Down then up. A breakdown below 597 would pop stops on the long side. See above in reverse.

I would sure like to know how many of those 600 calls are hedged by the EO

“Despite” max pain being in the 605-610 range last week, we did peak at around 619 early in the week.

There’s at least a chance that OpEx won’t be in play for the early half of the week, though past isn’t prelude and all the rest.

Short-term traders, trade carefully. I unhedged some shorter-term calls recently (not Jul 12s) and may re-hedge up very quickly depending on what I see between Monday and Wednesday.

Agreed. Given how cheaply the EO could have hedged over the past 3 weeks, I’m hopeful AAPL will trade based on anticipated earnings and divvy announcement on July 24th.

Generally, if option interest goes higher and share price is at $600, is it possible the EO have already locked in their premium profits, which have been significant? It would take less $ to keep what they have through options than selling to keep AAPL under $600, barring any catalysts (beyond the anticipated earnings call). Or am I missing something here?

OpEx pain works until it doesn’t, i.e., once Sentiment/News/Event Mode™ takes over, and then even the EO’s have to run with the bulls like they are in Pamplona. Option pain is kind of like seawalls and levies in New Orleans; they work great under normal circumstances, but when the perfect storm comes…And if there were ever a time for that, it would be this week. Then again, we do have 2 trading days before earnings after this month’s OpEx, so there’s that.

In other words, I won’t know for sure about this week’s action until Friday at 3:59:59 (call me “Mr. Helper”). All I know is, I am getting pretty F-ing sick of red futures.

My WAG is that we run up a bit next Monday and Tue, possibly even to an ATH, then correct a bit after earnings (due to “dur-hur, iPhone sales are down OMG!”). And that, my friends, will be the time to buy buy buy AAPL, because the next two quarters (Q4 & Q1) are going to be ridiculous. - IMHNAO (In My Humble Non-Advice Opinion).

Oh, and now that I have written a lengthy comment, it is a perfect time for lovemyipad to moot it with the new intraday thread.